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《大行报告》高盛下调新东方-S(09901.HK)目标价至144元 评级「买入」
阿思达克 04-12 11:03
高盛发表研究报告指,新东方(09901.HK)将於月内发表首三季业绩,预期公司专注发展在线上线下融合(OMO)模式及线下布局拓展,季绩表现将稳健,收入料增长23%至11.4亿美元,接近管理层增长指引上限11.45亿美元。

该行预期,新东方的线下课後辅导(AST)业务回暖,收入复苏以及退款率低於预期,预期非国际会计准则下经营溢利率可达8%,美股每股盈利可达0.08美元。

但考虑到教师薪酬较高及对OMO的投资令成本压力增加,该行稍微降低AST收入预测,相应下调2022至2025年收入预测约1%至2%,目标价由150.2元降至144元,维持「买入」评级(处於确信买入名单)。

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